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FEDERAL DEPOSIT INSURANCE | ||||||||
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All of your deposits in Priority Community Credit Union are insured by NCUA, an agency of the federal government. NCUA is similar to FDIC, except NCUA administers federal deposit insurance for credit unions, not banks. How much federal deposit insurance do you have? The quick answer is $100,000. If you have more than $100,000 on deposit at the credit union, you can structure your accounts to maximize your federal deposit insurance coverage, as shown in the charts below. Single Depositor Type of Deposit----------Federal Deposit Insurance Coverage All non-IRA deposits------------$100,000 IRA deposits-----------------------$100,000 Total coverage---------------------$200,000 Joint Depositors (Husband and Wife, for example) Type of Deposit----------Federal Deposit Insurance Coverage Husband non-IRA deposits---------------$100,000 Wife non-IRA deposits---------------------$100,000 Husband IRA deposits---------------------$100,000 Wife IRA deposits---------------------------$100,000 Joint non-IRA deposits---------------------$100,000 Total coverage---------------------------------$500,000 To download a brochure on federal deposit insurance directly from the National Credit Union Administration’s web site, click here. If you have questions or concerns about your federal deposit insurance coverage, please call us or e-mail us. |
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